By Our Correspondent
The Nigerian naira has recorded another day of decline against the United States dollar at the official foreign exchange market, marking its second consecutive depreciation this week.
According to figures from the Central Bank of Nigeria (CBN), the naira closed trading on Tuesday at ₦1,537.09 per dollar, weakening from ₦1,535.92 recorded on Monday. This represents a ₦1.17 drop in value within 24 hours.
The trend also reflects a cumulative ₦3.53 loss in the first two trading days of the week, highlighting continued pressure on the local currency despite ongoing interventions by the apex bank.
At the parallel (black) market, however, the naira held steady at ₦1,570 to the dollar on Tuesday, the same rate quoted on Monday, underscoring a persistent gap between the official and unofficial markets.
The fresh depreciation comes at a time when Nigeria’s external reserves have witnessed an uptick, rising to $40.29 billion as of August 8, 2025, from $39.36 billion at the end of July. Analysts say the boost in reserves, usually a positive sign for currency stability has so far failed to halt the naira’s slide, pointing to underlying structural and market confidence issues.
Currency experts attribute the naira’s persistent weakness to a combination of speculative trading, sluggish foreign investment inflows, and rising import bills. “The market is still reacting more to sentiment and dollar liquidity constraints than to reserve levels,” one Lagos-based forex analyst told AljazirahNigeria.
